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Gjdeck, Home Buyer in Philadelphia County,...

Im looking for S. Philly realty advice!

Asked by Gjdeck, Philadelphia County, PA Wed Feb 18, 2009

I am looking to purchase a single family, 2-3 bd, 1-2 bath home in the 110k-160k range. I have been looking in the Point Breeze area of S Philly as well as Pennsport. Would you agree that each area is on the way up? Im leaning towards point breeze because it seems I can get more for my dollar as well as the proximity to my work in CC. Id also like to make some money once I sell in 4-7 years. Any advice/recommendations?? Thanks!

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South Philadelphia over the long-term is a good bet due to its rich history, amenities, and diverse population. Unfortunately, some areas are gentrifying quicker than others and your investment horizon will dictate where you would invest. Also, don't just focus on price per square foot. Philadelphia is comprised of neighborhoods and, as they say in real estate, it's all about location, location, location. Good hunting!
Web Reference: http://GMACproperties.com
0 votes Thank Flag Link Thu Feb 19, 2009
Gjdeck,

Your question is a good one. Both subdivisions are good locations because they are close to Center City. Here are some tips that may help you make an informed decision.

1) Location is key. Choose a home on a good block with no abandoned homes or unsightly industrial spaces, or other structurs that detract from the integrity of the area. Try to choose a home that is as close to the higher-end neighborhoods. For Example in Pennsport and Point Breeze, the closer to Washington Avenue and Center City you are the more desireable the location. Queen Village and Graduat Hospital are more expensive but will certainly influence your target neighborhood.

2) Purchase a 3 bedroom home. Three bedroms are in greater demand that 2 bedrooms. If you do choose a 2 bedroom home, choose one with large second bedrooms. Small rooms are difficult for resale.

3) Shoot for a property with more than one bath or if it has only one bath, choose the property with a larger bathroom. The trends are going towards larger more functional bathrooms with double sinks and plenty of storage. If you choose a house with a larger bathroom space, your renovations and improvements will not need to include demolition which can be expnsive. Space on the 1st foor for a future 1/2 bath is also good.

4) Outdoor space is important. If the home you buy does not have a yard, choose a home that will allow for a deck. The big mistake is putting decks in places that access for guests would be awkward such as a deck off of the bathroom. Decks off of the master bedroom are fine as long as there is another deck for common use.

The 4-7 year plan is a winning plan. With the $8,000 government incentive for 1st time home buyers and the interest rates being at all time lows, you are in a good position to gain a lot of equity in your home. The 203K FHA loan is a good loan product for homes that need fixing rennovations.

We have a website link below. Our home page there is an icon that has more info on that $8,000 tax credit.
http://www.thesomersteam.com/index.php

Hope this helps.
0 votes Thank Flag Link Thu Feb 19, 2009
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